Have you ever wondered why the rich keep getting richer generation after generation? The main reason behind this is that they probably have some information that other people don’t. They say that 0.0001% of the world’s population controls 99% of the world’s wealth. Apparently if all that wealth were distributed equally amongst every living person, within 15 years it will have filtered back to the 0.0001%.

So what is it about the small percentage that makes them very special? Let us look at 3 things wealthy people know that keep                                                                                    them accumulating more wealth:

1. You do not need money to make money

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Who doesn’t want to become a millionaire and have loads of money to spend? Being a millionaire is like being on top of the world and getting everything you want. Who wouldn’t want that kind of life? Becoming a Millionaire is easy, really easy. Don’t you realize that the millionaires we have today usually come from poor families and look at them now! They are millionaires and their heads are touching the clouds because of how rich they are.

There are 7 habits to becoming a millionaire. The first one is their drive, the drive to achieve their goals. It’s like you won’t accept a no because you will always find a way to make it a yes. This drive has helped a lot of people to become millionaires. The drive is like the burning desire in your heart that you cannot afford to lose and it will only go away when that desire is achieved.

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Why do people become entrepreneurs?

Researchers have identified myriad reasons why people start their own businesses, but across all of the surveys, interviews, and other efforts to understand entrepreneurial motivation, one reason stands out above all others: People start businesses because they don’t want to work for someone else.

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1. Think of a great idea. If a great idea comes to you, evaluate if it is realistic. Think of cost, manufacturing time, and popularity.Always be open to different ideas. Ask and record if people would actually buy the product. If you don’t have an idea yet, it is a good start to think of your target market first. Then brainstorm a list of things like places they shop, things they like, and things you like. Narrow the list down to about three items, keeping cost, manufacturing time, and popularity in mind. Find the easiest, most realistic product.Or, think of a terrible idea. Really, you can’t tell if a business idea is great or terrible until you try it in a real marketplace. Years later, the successful ideas are “obviously” good, but when they first began, most people rejected them. Google is one of the most famous examples—”Search is done. Does the world need yet another search engine?”—but many less-spectacular successes have strong arguments against them. There is always a good reason against a good idea. It doesn’t really matter how good your initial idea is, because you’re going to change it, anyway. “Investors invest in people, not business plans. Early-stage investors know that great people can make a mediocre idea work, but mediocre people can’t make a great idea work.””—Don Dodge.
2. Write a business plan. Include details and descriptions, and plan everything out realistically. Take your time and evaluate your product at each section. The sections of a good business plan include:
3. • Product description: develop your product. What will it look like? What materials will you need? Make your product eye-catching.
   • Market Analysis: Who is your market? Where do they shop? Where are they located?
   • Competition: Who is your competition? What are their strengths? How will you beat them?
   • Marketing: How will you market your product? What kind of image do you want to display? Where will you advertise? What is your tagline? What is your packaging like?
   • Sales: Where will you sell? How will you get your customers to buy? When will you sell? What is your estimated sales forecast?
   • Manufacturing: How do you make your product? Explain this in detailed steps. What materials do you need to make your product? When and where will you manufacture? What is your COGS (cost of goods sold)?
   • Finance: how much money do you need to start your business? What is your gross profit?
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Use this checklist to run a business while working a full-time job.

Balancing a career while owning a business isn’t easy — but it can be done. Arnold Sanow, co-author of You Can Start Your Own Business, suggests these tips to help make your part-time business a success:

1. Get your family involved. Whether it’s answering the phone, stuffing envelopes or putting together orders, giving family members the chance to help out is a great way to get more accomplished in less time — while also making them feel like they’re part of your business.

2. Be ready to give up personal time. You won’t have much time for TV, reading or hobbies you used to enjoy. Be sure the sacrifice is worth it, or both your job and your business will suffer.

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If I Knew Then What I Know Now …

Someone sent me an email the other day. Supposedly General Colin Powell’s Rules for Success. Now, I don’t know whether they really are or not, but as I read them, I thought they really should be called “15 Rules For Success In Your Home Business”. So, here they are:

Rule 1 – It ain’t as bad as you think, it will look better in the morning

If there’s one experience universal to ALL home-business owners, particularly those running a business on the internet, it’s the occasional feeling that you’re just spinning your wheels, and not getting anywhere. The number of people who give up on their businesses just as they approach the brink of success is staggering. So hang in there and remind yourself, when things look bleak, that tomorrow is another day, things really aren’t as bad as they seem and things really WILL look better in the morning.

Rule 2 – Get mad, then get over it

OK, I concede this is more general advice than home-business advice but it applies in your home business just as it does anywhere else. Resentment and unexpressed anger really don’t hurt anyone but the person feeling resentful and angry. Have you ever noticed how completely unproductive you are when burdened by resentment and anger? So feel it, express it (constructively) and then move on. As the man said, “get over it”.

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What’s really necessary in a business plan is what it takes to manage your business better. That means that a lot depends on what you’re doing with your plan. Consider these possibilities:

1. If your plan is just to manage your business better, not to show to outsiders, then there’s no need for carefully edited or formatted descriptions of your business or products or management team, or, for that matter, those executive summaries. Instead, you just stick to the core: your strategy, your review schedule, your assumptions, your specific tasks, assignments, and milestones, and basic projections including sales, cost of sales, expenses, and profit and loss. Then the key to success is to understand you’re going to want to review the plan monthly, check for plan vs. actual results, and make course corrections.

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